Thursday, August 09, 2007

Bush Slams 'Foolhardy' China Over Trillion Dollar US Currency Threat

Reacting to rumours that the Chinese government may be considering using its huge currency reserves to push down the value of the dollar, President Bush says that the rival would be 'foolhardy' to do such a thing.

It has been said that China may sell off a trillion dollars in foreign reserves as retaliation against American pressure over currency issues. "That would be foolhardy of them to do that." Bush told Fox News.

"As long as there are no big upheavals in the American economy and there is no serious dispute between China and the United States, the Chinese government will not sell off US dollar assets in any major amounts," said a top Chinese economist.

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